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cliff as impacted the spending decisions. here's what a few had to say. >> i'm definitely shopping on a budget, because i just wrote a book and had to spend a lot of money to get the book printed. >> i think we always exceed the budget. >> my budget this year is lower, but it's going okay. i'm able to get little gifts here and there. >> we're spending a lot of money this year. >> reporter: the only one saying they're spending a lot is a female. i don't want to draw any conclusions from that. as of the weekend, the average spending was only $340 action and that's less than half the total spending expected this year. also wednesday, the after-christmas sales those are folded into holiday spending. >> that's when us frugal guys get out there. jane wells, thank you -- >> reporter: that really is procrastinating. >>> appreciate it. he's made his list, checked it twice. in a nnorad will be tracking his travels. joining from us colorado spring. lieutenant general, thank you for joining us. >> the operation is going full swing since 4:00 this morning, tracking santa all over the world to d
.c. to avoid the looming fiscal cliff. with five days until major spending cuts kick in and taxes go up on everybody, the white house says president obama made separate phone calls to the senate leaders, harry reid, and john boehner. that was last night before the president took air force one from hawaii to washington. molly is live for us at the white house. update us on the next move from the obama administration. >> despite the phone calls that the president made before he left hawaii, he spoke to top democrats and republicans and no negotiation meetings have been set. at least not formally or public limit there's nothing set yet between all the sides to discuss this. the president's back in washington after he cut short vacation to get back to the white house for possible last minute fiscal cliff talks leaving his wife and daughters in hawaii. the vice president is scheduled to be here today for meetings. don't forget the obama administration and congress have the debt ceiling hanging over them. the u.s. set to hit the borrowing limit of over $16 trillion by the end of the year. the
of americans who think congress will negotiate a deal on the fiscal cliff. that's not all, holiday spending also hit its lowest rate since the 2008 recession, which retailers are blaming on the uncertainty in washington. so where do we go from here? well, since the house failed to get a vote on the tax package last week, all eyes are on the senate. a temporary deal that would basically extend all the tax cuts for those making under a quarter million. the deal would also rescue long-term unemployment benefits and instead of addressing those automatic spending cuts we've all heard about that are set for january 1st, this temporary deal would delay them for another six months. few are optimistic this new plan, if we do go over the clifr, would work out. so what would half if we go over the cliff? the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy go
? the fiscal cliff, still looming. spending cuts and tax hikes that could shove our economy into recession. and a deadline lawmakers ignored until the very last possible minute. live pictures now of the capitol. looks beautiful. man, but there's a lot of wrangling going on there. lawmakers are back up -- had their backs up against the wall right now. and as they try to find a plan that can pass congress. let's hope they do. cnn's chief white house correspondent is jessica yellin. she is following the negotiations, working very hard on this saturday. so jess, democrats and republicans are supposedly working on a plan, even as we speak. what do we know about it? >> reporter: well, we know, don, that it's the senate leaders that are hashing this out. and what they're looking to negotiate is a deal that would extend current low tax rates for middle income americans. we don't know the exact threshold levels. so would it be people who make $400,000 and less, would it be $250,000 and less. but something that would extend low rates and then increase them above. extend probably unemployment benefit
. >>> as the clock winds down on the fiscal cliff, massive spend tax hikes for americans, we'll have an update on how things may change. gregg: and speaking of the new year, we're looking back at the top scandals of 2012 in a must-see report. we're going to use the word tryst a lot. i love that word, tryst. heather: blues, that dead -- plus, that deadly winter storm that has created blizzard conditions across the nation's midsection, where it is headed next and what it means for millions of travelers heading home after the holidays. >> my mom and dad live in el paso, and i was planning on going to el paso, but i think i'll be staying home now. >> it was slick. i don't care to go back through it. i seen about a, oh, right at a dozen wrecks. one was overturned. just really bad. i don't advise going south. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is wit
will grow over the so-called " fiscal cliff. " that's when automatic tax increases and spending cuts could take effect. retain a deal before then will not be easy. because right now, both sides are involved in a high-stakes political blame game. >> we are here in washington working while the members of a house representatives are watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. i told the president that i would be happy to look at whatever he proposes but the truth is we are coming up against a hard deadline here and as i said this is a conversation we should have made months ago. democrats want to extend the bush era tax cuts to everyone except those americans making too much and $50,000 or more a year. many republicans remain against any tax increases. >> former president george h. w. bush is still in intensive care at a hospital in houston. the former president's family is confident that he will be out of i see you soon. if the former president's chief of staff since supporters a note yesterday including this ". " he wo
... before the u-s economy goes over the poocclled "fiscal cliff." that's when automatic taxx increases and spending cuts would take effect. democrats wann to extend the bush-era tax cuts to everyone except ttose americans making 250- thousand dollars or more a year. but many republicans remain gginst any tax increases. if lawmakers don't peach a deal by january 1st... it could eventually lead to another recession. with all eyes on thh fiscal cliff... there's anothee deadline quickly approochinn that might have consumers concerned... the "milk cliff." it's part offa stalled farm bill... that includes nearlyy35-billioo- dollars in cuts. f the bill doesn't make it throuuh congress before the end of the year... the government will be forced tt buu vast quuntities of milk under a trummnnera law. that could send as 6 to 8 dollars ggllon... because the government would the wholeeale rate... under a pre-filed bill in the general assembly... is looking to make soft-shell crab... the official maryyand sannwicc.the senator richard colburn... an eastern shore republican.so dessert
sales was uncertainty about the fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid it consumers could see higher taxes eating into their paychecks. even online sales suffered compared to past years of double-digit growth this year online holiday sales rose only about 8% compared to nearly 16% last year. lack of consumer confidence means this shopping season could be the weakest since the recession in 2008 when sales actually shrank. >> consumers need to have more confidence. right now it's more of an uncertain way for the first half of 2013 so i think everyone has thought going into the year. >> for businesses, the holiday shopping season officially ends december 31st, and retailers are hoping to salvage some profits by offering deep discounts until then. the president of the national retail federation is still optimistic. he estimates holiday sales growth will be about 3.5% to 4% this year. rebecca and jeff? >> thanks elaine. it's interesting, macy's and target report next week so we're going to hea
cliff. some $600 billion in automatic spending cuts and tax increases will take effect if no agreement is reached. obama and the rest of republicans remain of the impasse over the republican refusal to allow tax hikes even for the wealthiest americans. senate majority leader on thursday accused house speaker john boehner of holding up a deal. >> the american people i don't think understand the house representative is operating without the house of representatives. it is being operated with a dictatorship of the speaker, not allowing the vast majority of the house representatives to get what they want. >> adding to the urgency surrounding the talks, treasury secretary timothy geithner warned this week the u.s. will not be able to pay its creditors after monday unless the debt ceiling is raised. we will have more on the fiscal cliff talks, speaking with congressmember dennis kucinich after the headlines. environmental protection agency head lisa jackson has announced a resignation ahead of president obama's second term. jackson departs after a four- year tenure that saw advances in the r
. his holiday vacation so he could deal with the looming fiscal cliff. all eyes are on that now and everyone wondering whether congress will be able to reach a deal by january 1st. if not, spending cuts and tax hikes for every american will go into effect and we're watching that story very, very closely. as i mentioned, just five days left before the new year. but wait, before they bring out the champagne and confetti on the 31st, folks in washington need to start making big decisions regarding that fiscal cliff. here's what will happen if no deal is reached. the economy could fall into a recession. that's been widely reported. the congressional budget office forecasts a drop of .5% in the real gross domestic product and a 9.1% unemployment rate by the end of next year. markets in the u.s. and around the world could take a hit. right now the dow is down almost 100 points. no santa clauz rally this year. managing director of the boston consulting group joins me from chicago. great to see you. happy holidays. let's talk about the effect on the economy. i think it's important to po
schools. right now they have very little leverage onra this debate over e fiscal cliff because that stuff happens automatically, but the idea of a debt ceiling increasef they told obama more than once if you want a trillion dollars, you will need that eight times in the next decade they will have to cut spending a trillion have to cut spending a trillion eric: i'm a republican, congressman, senator tax pledge to not raise taxes. teo if somebody approaches me and says here is a bill that says if youhi sign this we will cut taxn for 98%, how can you say no to that? my point is this. the administration is winning the war of optics. if they played it this way, do they not win? >> they won the war of optics so far because everything has beene done. done inside closed walls.nd f if c-span, fox are able to videotape the negotiations, the kind of thing we're learning now about obama that i have no interest in cutting spending, just want tax increases. he has been lying about his negotiating position. k if people knew that, there is serious unhappiness on his lack of seriousness with cutting spend
of government perhaps we should go over the fiscal cliff so people will understand government spending is out of control and may start to ask questions being asked at the kitchen tables of every family, why we see christmas sales so low. they're saying how do we make major purchases? people are cutting back in personal lives, they want got to do the same. something else is playing into christmas sales being low. christmas itself is under attack. a lot of christian conservatives believe that if we're going to say happy holiday, perhaps those that think it's any other holiday should support the economy and they're not buying the gifts they used to buy. they do christian efforts locally in churches and talk to families about other things than gifts. >> we always say merry christmas here but stay on this here. if we do go over the fiscal cliff, yes, taxes will go up. molly outlined how much for every income level across the board. >> very hard. >> down the road, isn't it the only way we get our fiscal house back in order? >> that's what i'm hearing and i believe myself is that if -- you know, we'
to stop the economy falling off the fiscal cliff. talks are taking place before tax rises and spending cuts come into effect on january 1. the woman who's a gang rape sparked mass protest in india has died in hospital. doctors treating the 23-year-old say she was showing signs of severe organ failure before her death. thousands of iraqis are protesting, accusing administration of marginalizing them. the so-called fiscal quiff threatening the u.s. economy. have we are joined by an economics columnist with the washington newspaper. he says without an immediate deal, the discussion will significantly change in the new year. >> i think what we will see from the republicans is much greater flexibility as we get into the new year, if it comes to that. and, instead of voting for a tax increase, they are voting for a tax cut. the same policy, when you are voting for it on january 4, would be a tax cut. today, it would be a tax increase. it is a weird way of thinking about it, but we are a strange land, in terms of u.s. policy right now. heather is a sense the entire dynamic would change if we
the fiscal cliff. with one week to go president obama and congress are on christmas vacation. it will be thursday before talks resume to prevent automatic tax hikes and spending cuts taking effect january 1st. on friday, speaker boehner and the president left town with no deal each making a parting pitch. >> we have asked leaders of congress to work towards a package preventing a tax hike on middle class americans protects unemployment insurance for two million americans, and lace the ground work for further work on both growth and deficit reduction. >> the president's solution of raising tax rates would be red ink as far as the eye can see. and it would hurt jobs. >> if congress fails to reach any agreement in con-- income tax rates will go up on about everybody on january 1st. unemployment benefits will expire for many as well. >>> the u.s. senator arrested for driving under the influence says he is "deeply sorry" for what happened. police say that michael crapo was pulled over early sunday in dc for running a red light. he he was arrested after failing a sobriety test. he
. no, if you haven't heard there's a thing called the fiscal cliff. it's -- tax hikes and -- spending cuts that will in come on january 1. and they have done nothing to avert this. both parties say a partial agreement is probably the most that can be expected before january 1. here's a look back at some negotiations that we saw and some key developments that no one has risen above. >> the fiscal cliff, yes, it is still loom figure you're wondering. >> i think we could be taken to the brink again. >> the market is responding to the pending fiscal cliff. >> businesses have stopped investing. business has stopped spending. business has stopped hiring. >> nobody knows what's going to happen. there's outlandish guesses on both sides. >> it wouldn't surprise me if we go past january 1. >> you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. >> another two million people will lose their job. unemployment will go to 9%. why would we do that? >> president obama is meeting with high-profile officers today -- >> we don't speculate
are responding. some spending less this holiday this season as the fiscal cliff nears and others buying guns as that intensifies. fresh off a demand for armed guards in school, nra's wayne lapierre remained defiant in his one and only interview with david gregory. >> if it's crazy for calling for armed police in our schools to protect our children, call me crazy. >> reporter: the nra's leader dismissed calls for weapons bans. >> reporter: americans are responding, some buying weapons. >> i'm here to take advantage of an opportunity to do something about that before it happens. >> reporter: others protesting at gun shops. >> it's just not right. it's just insanity. insanity. >> reporter: back on capitol hill lawmakers address how to address this prickly issue, another stalemate and fiscal cliff negotiation. >> our republican colleagues by refusing to go along with revenues are risking the fiscal cliff. >> i think we're going to fall out of the fiscal tree. there will not be a big deal. >> reporter: confidence in any progress now at a minimum. lawmakers return from their holiday recess on thur
is the fiscal cliff? the fiscal cliff is the check. it's the tab after the buffet of all that spending. so the irony is everyone in the beltway thinks it's so terrible we are going over the fiscal cliff because it's so irresponsible. well, ironically it's the opposite. the whole point of the fiscal cliff is when the fiscal cliff is cleared and we jump over it, we are getting rid of all the accounting game mix, the temporary stings of things that allow congress to pretend it's being fiscally responsible when it's not. what's going to happen? a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit because of the sequester and 9 defense spending, what you ta
to avoid the fiscal cliff, which would mean avoiding automatic tax increases and spending cuts come, you know, 1. the president spoke to the nation this evening after an hour-long meeting with congressional leaders at the white house. democrat and republican leaders have agreed to extend jobless benefits and some tax increases. they appear to remain deadlocked on who exactly will pay those higher taxs. we have two reports tonight, beginning with major garrett at the white house. major, good evening. >> reporter: good evening, jeff. two things are clear tonight that were not clear this morning-- progress is real and if a deal is reached, it will be far smaller than any of the key players envisioned only a couple weeks ago. is this deal, if it's to be reached, will not the so-called grand bargain with trillions of dollars of deficit reduction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts for the defense department and other government programs. it looks like those cuts will go forward. what the president said today is
, but it works in other things like retail spending over the holidays. people just fear this fiscal cliff thing and they get scared and they tighten in and they don't spend as much, i think you're going to see that when the final retail results come out from this past holiday season. that's why i want something resolved. even if there's a big headline in the washington post, it's fiscal cliff resolved and nothing got done, people would feel better about things. >> toby, speak to that point. you don't think so, huh? >> was that the pablem strategy, gary? >> that's what we're going to get anyway. >> six months ago we passed on the horrible sequestration things so congress can have time and solve this, where did it get us? nowhere. and there's a reason people don't trust this congress, they haven't earned one eye o iota. >> and got their vacations. >> let's talk the economy. the economy is right on that precipice. if we were to just take a shot into, you know, the back side here, you know, our consumer confidence has been dropping week by week and we'll get right back into slow growth and then we'
agreement to avoid the fiscal cliff. again a reminder, on january 1st, a package of across-the- board spending cuts and tax increases go into effect. the president also issued an ultimatum saying if no bipartisan agreement can be reached, he will ask them to bring it package to the floor for an up or down vote. why does everyone have to wait until the last minute? he called this a self-inflicted political wounds. it is because they could not reach a deal earlier this year. we will have more tonight at 11. now we will lighten the mood a little bit here to talk about the soft shell crab sandwich. that's quite a sad way. it may become the first state sandwich. -- that's quite a segue. in 2008, they pass legislation to make the multi layered cake our state dessert. >> i like the sandwich. indicative ordered to -- an executive order aimed at minimizing damage to new and restructed buildings. they will need to be 2 feet higher than the 100-year flood level. >> i do not want to be controversial or anything. a crab cake sandwich mean more to maryland. it's partially cloudy right now. if you h
the fiscal cliff. swan dive over it. this is a spending trajectory and bury the economy if we go. i'm buying. >> andrea: there is not a deal sequestions ration. >> bob: first, everything you pass you retroactively do back to january 1. which they will do. not massive cut in spending right away. they won't allow people making less than $750,000 not have taxes. they won't allow fica to go back up. [over stalk ] >> bob: now you the debt ceiling. >> andrea: i want to get in here. you talk about the debt ceiling. i thought it was raised in february. isn't it suspect that all of a sudden turbo tax timmy puts out a letter saying with i'll hit the debt ceiling? if we go off the cliff, guess what that means? more revenue. credit rating agencies only care about revenue. we are likely to be just fine if we go off the cliff. >> bob: you said in the opening here. of course it's a game being played here. of course it is set up by obama. the republicans are in a big hole. >> greg: the only game more boring is soccer. >> kimberly: it's not. >> eric: nothing is more boring than soccer. >> eric: the debt ceil
the higher tax rates and the spending cuts of the fiscal cliff, we will see how that affects the stocks. u.s. retailers report the weakest holiday sales since 08. sales in the two months before christmas increased .7%. some analysts say that the 2012 shopping season was affected by bad weather and people's uncertainty about the economy. joining us now is keith fitzgerald from money map press. keith, do you think really think that's affecting people's shopping habits? i think they are just worried about the money in their pocket. they don't have as much of it as they used to. >> i'm with you. i don't think it's the weather. i think that's always an easy thing to blame. the reality is the average american has less money in their pocket. they're very concerned about the lack of adult supervision in washington. retailers in part to be blamed for this, they spread holiday shopping across multiple seasons and outlets at a time when consumers don't have the money. they're missing the boat here. they have done it to themselves. the specials are very aggressive after christmas. we have a few days t
to reach a deal to avoid the fiscal cliff -- is running out for law-makers. automatic tax hikes -- and steep government spending cuts, could be just around the corner. kron4's justine waldman is tracking the developments in washington. with many law-makers still on holiday vacation. and kron4 political analyst michael yaki is also here. we'll get his take on where things stand - next at 5-30! (male announcer) live from the kron 4 news station, this is the kron 4 news. >> grant: now at 5-30. the "fiscal cliff" deadline is five days away. and there is no deal in sight to avoid automatic tax hikes and spending cuts. tonight - our poltical analyst michael yaki is here to break it down for us. but first - kron 4's justine waldman is stading- by to get us up to date on what is happening.justine. >> we have just learned that on friday, congressional leaders will meet with the president to discuss the fiscal cliff standoff. there is no legislation pending in either the house or the senate to avoid going over the cliff. and the converstations about it. continue to be confrontational. tim
to be very upset with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk prices could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live in new york, wendy gillette. >> wendy gillette in new york. thank you. >>> the country has lost one of its great warriors. tributes are pouring in this morning for retired general norman schwarzkopf. the general died yesterday in tampa after a battle with pneumonia. schwarzkopf commanded "operation desert storm" that drove iraqi forces from kuwait. in retirement, he championed causes. norman schwarzkopf was 78. >>> now, to former president george h.w. bush's condition. his chief of staff says he will be in the hospital for a while. the 41st president is recovering from a terrible case of bronchitis with a series of complications. she says tha
the white house after trying to negotiate an 11th hour deal to avoid the "fiscal cliff" of tax hikes and spending cuts that begin on january 1. the president emerged shortly after admitting no deal had been reached at least not yet. >> we had a constructive meeting today. senators reid and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over to the house and done in a timely fashion. >> reporter: the senate is in session today and is expected to return on sunday along with the house. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> reporter: but time is clearly running out for congress. st. mary's college political professor steven wol fert says the senate needs to introduce something today or they will likely not make the deadline. >> the deadline is so short and the amount of time necessary to go through the procedural steps to approve legislation are so numerous that they are right up against the very limit
. >> the important thing to keep in mind with stocks, one part we have to worry about is the fiscal cliff. we have taxes and spending to worry about there. but what the real issue is, in my opinion is the debt ceiling debate that is just around the corner. adam: oh, joy of joy. >> if we get some deal with the fiscal cliff which i think we will and our politicians are the worst even a blind squirrel will occasionally find a nut. they will get this done sometime by january 15th or something like that. if they do not extend the debt ceiling you will have close to armageddon at the end of february and march. adam: spencer i take issue what about our politicians being the worst. our congress is the best congress money can buy. don't forget it. jonathan he is talking about armageddon because of the debt ceiling. i would be terrified if i were not in the market putting my toe in this. there will have to be buying opportunity if people panic and sell. >> which market, adam? that can be the story of 2003 and headlines are obviously scary they have a tendency to sell stocks and buy bonds. that is the safe m
the fiscal cliff. the power brokers have four days before the government starts slashing military and domestic spending. president obama is pushing for a stop gap measure that with avoid faxes on people earning less than $25,000. on capitol hill frustration is growing. both republicans and democrats sound look they have given up. outside the capitol democrats hauled out a times square ball prop with the emergency, don't drop the ball. >> the republicans refuse to ask those with the most in our society to give a little bit more. >> reporter: a simple stop gap measure is not what many in washington had hoped for. republicans blame president obama for the collapse of a bigger deal that would have cut spending and reduced the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together but it's a total dereliction of duty and a lack of courage to deal with the issues. >> it rests in the hands of the senate. >>> president obama is scheduled to give an update on the fiscal cliff within the next 15 minutes. when that happens, we will join him liv
of congress are trying to find a way to avert the so-called "fiscal cliff." lawmakers will also be back in session on thursday without a deal by the end of the year automatic spending cuts and tax increases going into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices rose in most major cities in october up more than 4% from a year earlier and october was the fifth straight month of year-over-year gains. taking a look at the big board now, you can see that stocks are down today in a light trading session. you can see the dow is down about 9 points. >>> a bay area family and the season of giving. how the kindness of strangers helped save a family's injured dog. ,,,,,,,,,,,,,, donors for saving their dog. c-b-s-5 reporter christin ay >>> a you can bay area couple is thanking -- a young bay area couple is thanki
. consumers are still spending despite the fears of the fiscal cliff. we have come a long way from the dark days of the great recession. i've told you that an economic renaissance could be just around the corner if lawmakers can get their acts together. ken rogoff and kevin haslett are back with me. jessica yellin rejoins us, as well. ken, let me start with you. one of the top economists in the country. is this political bickering a substantial threat to our economic renaissance that we could be on the verge of? >> well, it's definitely holding businesses back because they don't know which direction things are going to go. most people think they will work something out, and when the debt seali ceiling comes up in february they will work something out, but they don't want to get caught with their pants down, so to speak. absolutely it's holding things out. it shows a broader dysfunction in washington that if they can't agree on this, how do they 'gree on other things, that people are very entrergeed in their positions and there's no compromise. >> kevin, i know you think it's an either/or. e
eye on the looming fiscal cliff. the deadline for across the board tax increases and deep spending cuts is just four days away. president obama is scheduled to meet with congressional leaders at the white house this afternoon. senate majority leader harry reid says the likelihood of reaching a deal is a long shot. but senator charles schumer told the "today" show that the odds are better than people think. if a deal were to pass, senate house speaker john boehner would have to agree to take it to the floor of the republican controlled house. danielle nottingham has more. >> reporter: president obama is meeting today at the white house with top congressional democrats harry reid and nancy pelosi and leading republicans mitch mcconnell and john boehner. it's the president's first meeting with congressional leaders since november 16th. the closed door discussions are an attempt to reach a last- minute agreement to avoid automatic spending cuts and tax increases due to kick in on january 1st. >> probably the worst case scenario will come out of this maybe today and -- meeting today and
, the spending cuts known as the fiscal cliff, but we are four days away from another financial challenge. that is the debt ceiling. now, compared to reaching your limit on your credit card essentially, treasury secretary timothy geithner said the u.s. is going to reach its borrowing limit on monday. he says, quote, i am writing to inform you that the statutory debt limit will be reached on december 31st, 2012, and to notify you that the treasury department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the united states would otherwise default on its legal obligations. there is wiggle room. that is equivalent to two months of borrowing. >>> now to the other financial crisis that could mean higher taxes for all of us. will congress send the country over the fiscal cliff or will they come up with some sort of deal and hit the brakes? the senate returned today hopefully to come up with some kind of deal. dana bash is flling this on capitol hill. i imagine we're all working over the holidays and i fess we're going to be workin
of us? the president is standing firm on fiscal cliff negotiations and so much is at stake. why can't both sides reach a compromise? >> charlie, how are you? >> fine, good to be with you. >> great to have you here. good morning. look, they don't seem closer. everybody says they're compromising. i'm curious, do you feel from the president's point of view first that he made a campaign promise about what he would and wouldn't do regarding cuts and taxes and he's dug his heels in, standing firm? >> i think absolutely. he feels like he won a mandate and let's be clear, he won handily. he beat mitt romney handily in the election so he's walking away thinking he's got a mandate and that's why he's deeply dug in. the problem with that mandate is of course to say we want to -- he calls it a balanced approach. that is sort of a vague kind of campaign promise nobody really knows -- it's always sounding good but i don't think people are sure what it means. the problem is on the other side, with the republicans in the house, they have a mandate too. they won too. some of them won by larger margi
to reach an agreement or the u.s. economy will go off the so- called "fiscal cliff." that's when automatic spending increases and cuts would take effect. reaching a deal won't be easy because both sides are involved in a high stakes political blame game. >> we are here in washington working while the members of the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president we would be happy to look at wah he proposes but the truth is we are coming up against a hard deadline and as i said this is a conversation we should have had months ago. >> reporter: democrats want to extend the bush-era tax cuts to everyone except those americans making $250,000 or more a year. many republicans are against any tax increases. most americans just want something to be done. >> people are just tired of partisanship and they want everyone to come together. >> reporter: if lawmakers don't reach a deal by january 1, many economists are concerned it could eventually lead to another recession. i'm
be cutting spending. whatever deal we get out of all this fiscal cliff madness at the end of the day, is going to be on their terms because of the sequestration they forced from the debt ceiling threat which was irresponsible. the idea in the times today made you think these guys are out of the picture, they have some scuffling at the top. >> what do you make of the article itself? coming at it? do you think they are trying to gin up some kind of -- that is the people who are more interested in seeing this article put forth, they're trying to say the tea party is declining when it's not? >> i think it reflects that shift and the fact that you got more people and more money going into this thing. that's that grass tops part you spoke to. this happens in washington a lot. everyone wants their group to sound as powerful as possible. you wrote the book on hip-hop, with your blessing, i'd like to quote some lines tonight. i'm reminded the blessing's not all the way there. for the audience at home, i'm getting a skeptical look. would you rather be underpaid or overrated? must people would
fixed by lawmakers and like everything else notice fiscal cliff, it can be done retroactively. the harshest effects of spending cuts could be modified in the first month or two of 2013. in fact, the defense department, the irs and other government agencies are planning no immediate changes because they're anticipating some kind of deal. that leaves the unemployed, extended unemployment insurance will expire immediately if we go over the cliff. a deal later in january could theoretically restore extended benefits, the immediate damage will have already been done. for many people, this is all an interesting charade. but for the unemployed it's the real deal. get your cell phones out, i want to know what you think. tonight's question, who will the public blame if we go over the fiscal cliff? text a for democrats, text b for republicans to 622329. i'll bring you the results later in the show. >>> joining me now is congressman elijah cummings of maryland. welcome to the show. >> it's good to be with you. >> what do you make of the latest posturing. the house will they reconvene bef
that deadline when the big tax increases and spending cuts are scheduled to kick in. the fiscal cliff of course. president obama and congress got back to work yesterday trying to find a deal to avid the cliff. there were signs of hope and signs of discouragement as both sides agreed to talk but again, both sides blaming each other for the stalemate. the president will host a summit at the white house today. tara mergener is on capitol hill with more. >> reporter: the fiscal cliff is still a few days away. but business owner don says he's already feeling the impact. >> a lot of our customers are holding back. they're apprehensive. they are not committing to projects. they're not -- you know they're waiting to see that's going to happen with the fiscal cliff. >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1st. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner,
. otherwise, the so-called "fiscal cliff" looms on january 1. that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime. cold temperatures are dipping below freezing now. look at fairfield, that's just dropped to 31 degrees. some people scraping some frost off their windshields this morning. 39 in vallejo. 35 santa rosa. so all that blue tells us it's chilly. and unfortunately by this afternoon, well, i guess it's fortunately if you like the cold weather, but it is going to be slightly cooler today than yesterday. a lot of low 50s. 52 santa rosa. only 50 in fairfield. a little more mild around the bay, 54 in oakland and fremont. as frank just mentioned, the rain, light rain set to hit the
thunderbird ready to put the pedal to the metal on the fiscal cliff. they can cut taxes, spending, and blame the gop. the gop is doing the smart thing and pointing the finger at the real problem, which is out-of-control spending. fixing the not going to be easy, but it's not complicated. we can't just rely on raising taxes. we have to look at cutting spending and the republicans are doing that, even more so with gite ner pointing out the -- geithner pointing out the fact, warning us on the debt ceiling. this shows us we have out of control spending and raising taxes is not going to get us out of this mess. >> alice, you realize that most americans think you need a combination of tax hikes and spending cuts. it's not just one half of the deal. this is republicans and democrats, about 70% of americans, so it's not just a one-sided deal, and the second thing to say is, you know, these guys aren't that far apart. you know, in fact, when you look at how much revenue boehner has put on the table, he's close to a trillion dollars and he's just simply saying i want a trillion dollars in spending cu
moody about now trying to get through the fiscal cliff negotiations. >>> tick tock, we're three days away from possibly going off the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households on tuesday. look at the number from the tax policy center. these numbers are interesting. some of the poorest americans who make up to $20,000 a year will have to shell out about $412 more to the irs, and everyone earning more than $40,000 a year will be affected. if you make $40,000 to $64,000 a year, you'll pay almost $2,000 more a year, and if you make a little more between $64,000 to $108,000, that number jumps to $3,500. and anyone making more than $108,000, you'll have to give up more than $14,000. overall, the average american will pay more than $3,500 a year. the question needs to be asked here, will lawmakers be able to pull off a new deal before the new year? the managing director joins me now live from miami. you, dylan, were part of the bush administration a little more than a decade ag
that done or milk prices go up and with the fiscal cliff, massive tax increases and spending cuts. that's the latest here at the white house, back to you. >> thank you, sherri. >>> we've been getting responses to the cliff talks on our facebook page. that's where we asked you, what do you think about congress and the white house not reaching a deal on the fiscal cliff? do you think it's possible that a compromise will be reached before the deadline? tammy simpson writes -- peggy fleming says -- >> a lot of people fired up obviously over this. >>> traffic is back to normal on the springfield interchange, even while virginia state police continue to investigate a deadly accident there. this happened around 7:00 last night when a tractor-trailer stopped in traffic, was rear- ended by a pickup truck. three people inside the pickup truck died at the scene. the driver of the tractor- trailer was not hurt. >>> d.c. police are offering a $25,000 reward for information leading to the arrest in the shooting death of a capitol hill man. jason emma was shot multiple times the morning of christmas e
. >>> and for some, the biggest objection to the fiscal cliff is the cuts to project defense spending. they warned it's bad news for national security. peter deucey explains who mean affected. >> reporter: last friday when president obama rolled out his new plan for steering us away from the fiscal cliff, there was a word he did not say and that word was sequester. the sequester would automatically cut more than $100 billion from the budget next year, half from domestic programs and half from defense programs and now as the deadline draws close, experts are looking at the cuts from a national security standpoint and warning one final time about heir safety of the service members. >> and that is going to affect the operational force deployed in terms of its ability to maintain its equipment to quiet re-- get repair parts and that is around the world, not just in afghanistan being reduced and it would impact on the training of the force and the preparedness to conduct other operations. >> reporter: white house officials are saying that it's still unclear what is going to happen with the sequester o. fr
an economic crisis from this so-called fiscal cliff. some say no deal is what the country needs to cut spending and raise taxes. what will happen? national correspondent live in washington with the details. good morning, steve. >> good morning, eric. the two sides in the fiscal cliff debate had their say before heading home for christmas, but no deal of course. after house speaker john boehner called off his push for a plan b last week saying the ball is now in the democrats' court. there has been no movement toward any deal. democrats want tax hikes for the wealthy. republicans want spending cuts. and some in the gop say the president doesn't want to avoid the fiscal cliff. >> when i listen to the president, i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all of this additional tax revenue for new programs and he gets to cut the military which democrats have been calling for for years and he gets to blame republicans for it. >> president obama for his part said he is optimistic a deal c
will avoid the fiscal cliff before the year ends. >> speaker boehner was $200 billion higher on spending cuts and out of a $4 trillion budget that doesn't seen insurmountable so i hope they keep talking. >> congress is expected to be back in session thursday and without a deal, tax hikes and deep spending cuts will be triggered on january 1st. >>> coming up tonight on the 10:00 news from flooded roadways to sinkholes. >>> our stormwatch coverage continue as a powerful storm leaves behind a mess in the bay area. >> thank you for trusting ktvu channel 2 news. >> we'll see you the next time newsbreaks and we're on-line at ktvu.com. we'll see you tonight at 10:00
about in the fiscal cliff, and the debt e creeling that tim geithner said that we would have to raise any day now, and is this the next couple of months in terms of the debate? does the white house have a strategy of dealing with both in the next phase? >> well, they are quite clear that there's probably just too much at this point to put that in this initial package and specifically the debt ceiling, and saying there is no way to address that right now. they know that is the next big hurdle they are going to have to face once they deal with the immediate issue of the tax hikes and spending cuts, so i believe that you are absolutely right. in terms of the strategy f they have one, they have not revealed the details about that quite yet. president obama today, and what i thought was interesting is using the power of the bully pulpit to put pressure on congress to get this basic deal done that he is calling for, and richard, one of the things that he said at the end of the remarks is that essentially this is not how the american people do business and just to remind you that ordinary fo
it was mastercard spending pulse saying it actually not the fiscal cliff, it was superstorm sandy. >> right. adam: at the end. day are consumers pulling back? doesn't matter if it was the storm or fear they're pulling back, right. >> that was a real good point you made. mastercard said this these numbers were becoming a concern for the consumer back in october. the national retail federation had projected holiday sales would go up about 4.1%. adam: yep. >> that is some growth but it is nowhere near the 5.6% we saw last year. there is a little bit of a slowdown. also we have to look at the consumer sentiment numbers. it is coming in at the month of december around 72 points. that is 10 points less than at its high in july. so we're definitely seeing that consumer slowdown happen even way before the fourth quarter. adam: you're with the nrf. you're with the national retail federation, are you not. >> no. i'm an independent analyst. adam: excuse me. a lot of people like the nrf but what are the repercussions whether for the nrf or anybody? nrf, they're sticking to it. they're not revising their pred
in hawaii and, yes, christmas brings us one day closer to possibly the fiscal cliff, the huge tax increases, spending cuts that could take effect in one week or so. brianna keeler is watching there in hawaii, joining us with the update. first of all, how is the president, how is the first family spending the holiday? >> presumably right now they are sleeping in, suzanne, because it is still very early here as you know. >> what time is it? >> we are expecting of course they'll have a christmas. let's see. 6:00 in the morning bright and early. we've been at it for a few hours. we expect them to have a nice christmas meal at the house they're renting. the white house chef is here. maybe we'll get details on what they are going to eat. there is nothing on the president's public schedule. he is frequently gone and visiting with troops in the past so we wouldn't be surprised if he did that again today. i will tell you that bo the dog is actually along for the ride here in hawaii and the white house released a video where bo just really kind of steals the show. let's look at a little of that. this
as the fiscal cliff. today, the president met with congressional leaders at the white house, but the action is now in the u.s. senate, where the republican and democratic leaders are trying to find some sort of compromise. but if they can't, the president is insisting on an up and down vote on his plan in both the house and senate. the vote in the news room tonight was to have gary nurenberg fill us in. gary? >> reporter: derek, how absurd is this? almost no one wants the country to see that combination of huge spending cuts and tax increases, but month after month after month, congress has been unable to cut a deal to avoid them. how absurd is this? so absurd the president is quoting yogi berra to describe it. >> this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable, why everything has to wait until the last minute. we're now at the last minute. >> reporter: the president spoke after a meeting where republican and democratic senate leaders agreed to try to find a solution. >> we're out of town. we've
to the mainland but as that fiscal cliff deadline gets closer what do you think will happen as it rolls on? >> reporter: no official word the president will return to washington, i think that is the expectation. as you know, miguel, the senate will convene on december 27th, that's thursday. and in a perfect world, what the white house would want to see is the senate take up some sort of measure to avert the tax hikes that will hit people earning $250,000 or less. that's what they would want. that of course, would require some buy-in from senate republicans and ideally, as the white house would say that would then pass the house. now, that's lot of sort of wishful thinking, you might say, especially considering some of the pessimism we are hearing from democrats and republicans about whether the u.s. is going to go over the fiscal cliff. some folks think that perhaps senator mcconnell would not negotiate something with senate democrats if he wasn't sure that it was going to pass the house, that it would get by at least some of the republicans who would need to get by to pass. but i think th
-called fiscal cliff will lead to devastating job losses at a time when american families and small business owners are still struggling to get back on their feet. in contrast, the nonpartisan congressional budget office estimates extending tax rates for all americans would create the 1.8 million jobs and increase the nation's gross domestic product by almost 1.5% next year. every american taxpayer that the tax cut in 2001. those cuts were good for the economy and families. congresses action to make the first bracket and% and that that 15%, double the tax credit and deal with that marriage penalty and tax code, make a difference to a lot of american families. going over the fiscal cliff is avoidable. there is that much time but there is still time to act. both president obama and senate majority leader harry reid claim it is an achievable plan, one that can pass both houses of congress. and republicans agree. the republican controlled house is taking the step into the right direction. the house has already passed a bill to protect all americans from burdensome tax increases. they passed legi
to have a debate over bigger issues than the fiscal cliff on taxes and spending. why we can't come together in the short-term for something that could hurt us in our short-term pocketbooks, it's delaying a bigger conversation that's going to have to be had. >> that's what congress does. >> i want one name. who is the savior who is going to swoop in and convince everybody to do their jobs? roland? >> jesus. you need jesus to come down and blow like lazarus and blow breath into these dead, lifeless bodies. >> if you think i'm beginning to follow jesus with steve louisiana tor ret, you're crazy. >> sorry, baby. can't top jesus. >> thank you so much. we'll be right back. [ nyquil bottle ] you know i relieve coughs, sneezing, fevers... [ tylenol bottle ] me too! and nasal co [ tissue box ] he said nasal congestion. yeah...i heard him. [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil® cold and flu doesn't. >>> more good economic news this morning when can tcomes to new home sales. they are up for the month of november and the best in two year
and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time they got together. the obama administration called that mid another meeting constructive but there has been little to no progress. today lawmakers on both sides of the aisle tried to strike an optimistic tone. >> millions of americans are out there struggling and certainly they deserve a congress that will avoid going over the fiscal cliff, which is why the president has been working hard to bring leaders together. >> we can't continue to kick the can down the road with half measures. i think the market will respond in a permanent and negative way to our inaction. >> the chairman of the senate finance committee says it comes down to this meeting adding i wish them luck. it would be a great new year's present for the country. ed henry, how pivot the is the meeting? >> we're on the verge of the biggest tax increase since world war ii. that's how big it is. everybody watching this, if we go off the cliff, everyon
predicted california's unemphroeupl rate would remain in double digits through 2013. the fiscal cliff, mixed with lower unemployment and adding the mood with shoppers is leaving experts baffled by the direction of the economy. our consumer editor explains how the coming days could be critical. >>> consumer spending ins just released for november shows spending at a 3-year high. that was last month. last month, business investment in long-lasting machinery jumped more than expected. employment is up in all but five states. but, today's critical consumer confidence numbers are at a 5- month low. todays stock market closed down triple digits. >> people don't like uncertainty. there is a possibility of something happening. you don't want to hang your hat on what happens in washington. >> the prospect of huge tax increases and spending cuts is clearly raising the amount of uncertainty and the amount of risk that is in the economy. >> i think they will settle it. but i think the taxes are still going to go up. >> reporter: for the overall economy the shopping days are ahead of us including three
, maybe he wants to go over the fiscal cliff because he cares about maintaining that level of spending. he doesn't want to decrease spending, he wants to keep it where it is and the only way he's going to get that kind of money is by hitting everybody. not just the rich. >> well, and to some extent you've got to wonder, what is the most fiscally responsible thing to do? to some extent falling over the cliff will force everybody to do the hard work that's nncessary, just raising taxes is not going to be the full-- is not going to do the job here, we talked about the difference that already exists between what is needed and the amount that we're spending and i think sometimes you've got to really twist the knife in here and maybe falling off the fiscal cliff will get us to do the really hard work that needs to be done. >> adam, in the recesses of your most con spear tospicon-- con spespir conspiretorial mind, people are going to lose jobs if we cut government spending and nobody wants to lose jobs. on the other hand they all know, by them, in washington there has to be cuts and it's easier f
the fiscal cliff prevent you from going out to spend money on holiday shopping? i could see that elsewhere in the economy but seems silly for this particular comparison? >> think that is correct. people are, that is something in the future. that affected business spending but not consumers. consumer spending has been slower since the middle of the year. that was evident in the third quarter gdp report. it has been evident in the retail sales we tracked from month to month. simply wages haven't grown rapidly enough and the housing market although it has recovered, let's remember it recovered from a very low level and prices are still down quite a bit. there aren't that many sales. the volumes aren't that big. melissa: online shopping is up 16% this year versus last year at $38.7 billion s that eating into the regular old brick-and-mortar sales or do you think that is real growth? >> that is real growth in that segment but it is eating into brick-and-mortar sales. a couple of years ago, in addition to best buy we had circuit city. they're gone now. i think we'll see more of that. shopping ma
politicians are running out of time to avoid the budget crisis known as the fiscal cliff. every reed said democrats and republicans had to stop squabbling to have any chance at which an agreement by december 31st and higher taxes and spending cuts will automatically take effect. president obama has cut short his holiday to revive the talks. >> if we go over this cliff, the house of representative with four days left are not here with the speaker having told him that he will have 458 hours' notice. i cannot imagine their conscience out there wherever they are around the country and we are trying to get something done. >> why is the american economy teetering on the edge of the cliffs? these are some of the things that president obama is trying to prevent with the return to the lighthouse. an employment has fallen to a four year low and currently stands at 7.7%. no deal could mean 2.1 million jobs disappearing parent to it would equate to a contraction of 1.5% in the value of all goods and services america producers meaning less money to afraid with the rest of the world. as far as the repu
stalled in december, with worries about the looming fiscal cliff and the tragedy in connecticut. >> we never got the christmas spirit back, going, running again. there were just so many distractions that were being thrown into consumer. >> reporter: there were some bright spots. home furnishings, women's clothing and jewelry. today, many shoppers said the season of giving continues. >> i like giving. even to myself. >> reporter: that's the sort of spirit retailers are hoping for. analysts say people bought fewer gifts for themselves, apparently waiting for the big sales after christmas. natalie? >> john yang in chicago for us. thank you. >>> and it is the dreaded fiscal cliff that has the president heading home early tonight from his hawaiian christmas vacation. as some lawmakers are also heading back to washington. but with just six days to go, homes for a last-minute deal may be fading. nbc's kristin welker is with us tonight from honolulu. kristen. >> reporter: natalie, good evening. with president obama flying home this evening, the political rhetoric has already started, with repu
the fiscal cliff. we passed a bill replacing the president's sequestered with irresponsible spending cuts. we did that last may. we passed a bill to stop all the tax hikes on the american people scheduled to take effect january 1, and we did that august 1. and we proposed plans over and over again that democrats used to support but now will not. i do not want taxes to go up, republican do not want texas to go up. but we only when the house. democrats continued to run washington. what the president has proposed so far simply will not do anything to solve our spending problems. he wants more spending and more tax hikes that will hurt our economy. and he simply will not deal honestly with entitlement reform and the big issues facing our country. we need significant spending cuts and real tax reform to address our long-term debt problem and pave the way for long-term growth and real growth in jobs in our country. we will continue to work with colleagues in the house and senate on a plan that protect families and small businesses from the fiscal cliff. >> i think we saw last night yet again the ne
we reach the fiscal cliff -- president obama is launching a last-ditch effort to avoid tax increases and spending caps set to take effect january. the president is set -- set to meet with house and senate majority leader's for the first time since november. this comes after the partisan bickering with democrats and republicans blaming each other for failing to reach a deal. this morning the nation is remembering retired general norman schwarzkopf, who died thursday of complications from pneumonia. he is known for leading allied forces in the 1991 gulf war walk caption during -- capturing the public imagination. >> norman schwarzkopf a little- known u.s. army general looking to retirement. then saddam hussein invaded kuwait and norman became a household name. he turned into the face of the u.s.-led counterattack called youoperation desert storm. >> let me put it this -- it will take as long as it takes for a iraqis to get out of kuwait and the united nations resolution to be enforced. >> the campaign culminated in a massive ground offensive, routing the iraqis in 100 hours. >> the nav
the bush tax cuts expire and the automatic spending cuts kick in. the dreaded fiscal cliff that will likely have a powerful impact on the economy can washington actually come to an agreement and what's going on behind the scenes? don peebles, chair monday and ceo of the peebles corporation, don was a leading fund-raiser for president obama. good to see you. >> thank you. >> a lot of drama happening in washington. let's talk about the fiscal cliff. what's your take on how this plays out? now with just a few days left in the year to get this deal done. >> i don't think they're going to come back after christmas. i think that we will see them back in early january to make a compromise. i think that comp promise is gog be in between where the president is and where the speaker is. >> you say we go off the fiscal cliff then? >> yes, do. >> do you think we will see the economy hit recession? that was the expectation, right? >> no. that is the expectation but i don't think so. i think there's been a lot of drama, especially on the tax increase side. the tax increase side is do symbolic. at the end
? the democrats are anxious. they are embracing the fiscal cliff. we got obamaened a democrats in the conservative thunder bird ready to put the pedal to the metal on the fiscal cliff. they can raise taxes. they can cut military spending and they can blame the g.o.p. when the g.o.p. is doing the smart thing here wanted pointing the finger at the real problem, which is out of control spending. fixing this problem is not going to be easy but it's not complicated. we can't rely on raising taxes. we have to focus on cutting spending. that's what republicans are doing. even more so with geithner pointing out warning us on coming up on the debt ceiling. this goes to show we have out-of-control spending and raising taxes is not going to get us out of this mess. >> if you realize most of all most americans think you are going to need a combination of tax hikes and spending cuts. it's not just one half of the deal. this is republicans and democrats it's about 70% of americans. it's not just a one sided deal. the second thing to say is, you know, these guys aren't that far apart. you know, in fact, when you
and donating it to chair it ritable contributions don't feel like spending. >> talk about the fiscal cliff. the uncertainty to witness ticking down to the end of the year and the, you know, people say that we might be borrowing from the future to think about the paychecks but basically people across the country have to consider the fact that the paychecks might take a hit at the first of the year. >> right. absolutely. hampton was on earlier talking about what will happen to those paychecks in terms of paychecks if we go over the fiscal cliff and a real concern here f. you look at the consumer, ten points lower than in july and for december 72 points. in july, it was 82. so we're seeing the sentiment decline over the last couple of months. also, consumer confidence at the lowest it's been in five months so really seeing that kind of permeate over the last couple of months and especially goins forward and we have also seen some mild weather over the last couple of months so especially in the midwest and the northeast so i think that's going to have something to do with the fact consumers ar
to the fiscal cliff? guest: the fiscal cliff is the combination of a bunch of different tax and spending decisions made by washington, dating back over the past 12 years. we had the bush tax cuts that began in 2001 and 2003. we extended them under president obama. those are set to end on monday. $110 billion in annual spending cuts were agreed to under president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two years, takes about two percentage points off people's taxes, bill will end on monday. business tax breaks, bill will end on monday. the alternative minimum tax, which is confusing, but it would be a disaster if that was not taken care of, because it would raise the taxes of about 30 million americans for their 2012 income and 2013. and all the confusion could screw up the whole tax filing season. who knows when you will be filing your taxes, because the irs does not know which tax rates will be applied and who will be responsible for paying what. so it's going to be a mess if this is not handled quickly. host: if we
cliff" -- a series of tax hikes and spending cuts set to take effect in six days. and there still seems to be no signs of compromise between congress president obama is cutting his holiday vacation in hawaii short. and will return to washington tomorrow. house and senate members are expected to reconvene tomorrow as well. without a budget agreement, automatic tax increases for everyone and deep spending cuts will be triggered in the new year. the main dispute continues to be over taxes. >> in national news. dallas cowboys nose tackle josh brent has been formally indicted on a charge of intoxication manslaughter. for the crash that killed a teammate. brent was arrested earlier this month after police say he flipped his car while speeding though a neighborhood in suburban dallas. brent survived the crash. but his friend and teammate. practice squad member jerry brown. died at a hospital. intoxication manslaughter carries a maximum sentence of 20 years in prison. no court dates have been set. >> right now parts of the country are dealing with the aftermath of a severe storm system that is
to start. 17 million said they plan to be shopping on christmas eve. uncertainty over the fiscal cliff is affecting how much consumers are spending. retail analysts say holiday sales are on track to rise 4.1% to $586 billion, the most optimistic forecast since the recession. >> black friday did about $11.2 billion in sales. they had very strong results compared tos la the year. retailers are hoping that the consumers will come back and deliver the same strong results during the last weekend of the year. >> retailers are pulling out all the stops in these final days. some 50% off at some stores to longer shopping hours. toys "r" us, macy's and target are among the giant department stores staying open around the clock until christmas eve. top of the list this season, smart phones and all things apple along with clothing and toys. the challenge now -- >> i know who i need to buy for but not what i'm buying yet. >> reporter: finding those perfect gifts before time runs out. >> a lot of those hard to find electronic gifts that are in demand, stores say they are refreshing their inventory ev
to happen. we have to try to avoid the biggest dive that we could take off the fiscal cliff. >> republicans are blaming democrats. you've heard the line, washington doesn't have a revenue problem, we have a spending problem. i want to play this from senator john thune and get your reaction. >> even if the president got everything he wanted, it generates -- next year alone, so the question is, what do we do for the other 358 days of the year? we have to do something on the spending side of the equation. >> if we look at just the spending -- what cuts would you support? >> the president has put forward and agreed to speaker boehner -- in meeting the republicans more than halfway, he's agreed to a dollar in revenue to a dollar in spending cuts. i mean, hundreds of billions in spending cuts, we voted for a trillion in spending cuts, richard, last summer with no revenue at all when we agreed to the debt ceiling deal that triggered this fiscal cliff fiasco. so we have put hundreds of billions, and we're willing to put more than a trillion in spending cuts. the republicans are still really leaving
where the weather is just as frigid as the political climate inside. fiscal cliff talks appear to be going nowhere. the president is trying to hammer out a deal before major tax hikes and spending cuts kick in january 1st. this morning harry reid launched a scathing attack on house republicans for not returning to washington. >> i can't imagine their con chens they are out wherever -- consciences they are out wherever they are and we are trying get something done. >> newly appointed senator flew back with the president today, left governor currently will replace the late senator daniel inouye. >>> that looming fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and ta
. the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to fall. host: how did we get to this point? why is the government spending so much and under this president, we've seen the debt go up $1 trillion each year over the last four years. where is it going? guest: there are two main ways to look at it. right now, we're still coming out of this economic crisis. so you have large debts for four years mainly because you have low revenues as people don't have jobs or they are getting paid less. then there has been extra spending programs over the last four years but also, we have this mandatory spending programs that grow on auto pilot. over the last four years th
is edging closer to that fiscal cliff, as lawmakers spend more time on blame than action. >>> also, he's being called one of the great military giants of our time. this morning, general norman schwarzkopf is being remembered as a soldier and a patriot. >>> and a woman shoves a man in front of an oncoming train and then runs away. it's the second deadly subway shoving this month. and this morning, we're getting our first look at the woman police say did it. >>> and it was a gift meant for a stranger. but it built a community. the unexpected outcome of one
as the political climate inside. fiscal cliff talks appear to be going nowhere. the president is trying to hammer out a deal before major tax hikes and spending cuts kick in january 1st. this morning harry reid launched a scathing attack on house republicans for not returning to washington. >> i can't imagine their con chens they are out wherever -- consciences they are out wherever they are and we are trying get something done. >> newly appointed senator flew back with the president today, left governor currently will replace the late senator daniel inouye. >>> that looming fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and talking to hospital staff. >>> there is a bright spot for
there was a survey that bank rate that one out of three consumers they tabd have said fiscal cliff concerns are forcing them to cat back on who will spending. it's the market reaction to going over the cliff on january 1 as to whether or not we're talking about going over the cliff or that slope you mentioned. >> a santa claus rally, it's ban couple of years since we've been able to say that in our discussion. thank you. >> you got it. >> the fiscal cliff reportedly weighing on shoppers this holiday season. consumer confidence in december hitting a five-month loaf, bloomberg reporting that online stales increased by a little more than 8% this holiday season compared with 16% this time last year. joining us now with what a the fiscal cliff means for consumers, you listened to what hampton was telling us as well, we still have some big days ahead of us in shopping. are we really going to see the sort of negative or shall we say not an increase from last year, that 8% versus 16% as we're just showing. >> on that 8 versus 16 it's 8% over a much, much higher base than the 16 was. you are going t
striking a deal on the fiscal cliff. a lot of criticism for that. the deal mean there is will be massive spending cuts and massive tax hikes after january 1st. >> what is the reality? we checked in with current san francisco mayor ed lee and former mayor womeny brown. our question on the fiscal cliff, how much of this is the politics and how much of it is show for the public and real deal cutting? >> first of all, none of it is show. it is really politicians trying their best to prevail of what they promised their voters they would do. that is what it is. they are not postponing on purpose. they are going as long as they can. willy brown said, and i agreed, my voters would have to say i didn't make the fight, what i promised to do. >> reporter: what you promised do isn't after you it is down and see the facts isn't exactly the right way to go. what do you do politically then? >> for me i naturally try to get that information out there and let the public and certainly everybody looking at the budget process understand what changed circumstances we face. for me budget has been a proce
hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace lee tells us these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau there are about 260,000 young adults with college degrees in california taking work in food service and retail because they can't get anything else. >> pretty sad now. >> reporter: roary graduated with a computer science degree. >> i graduated with my bachelors in 2009 and my first job was at a retail store. at first it was kind of embarrassing. >> i couldn't get a job in the field i want
the "fiscal cliff." they have less than five days to come to agreement before tax hikes and spending cuts kick in. senate majority leader harry reid has a plan to let tax cuts expire for households making more than $250,000 a year along with short-term spending cuts instead of the long-term cuts that would happen if there is nodule. >> the american people are waiting for the ball to drop but it's not going to be a good drop because americans' taxes are approaching the wrong direction. >> reporter: negotiations between president obama and house republican leaders stalled last week. the house is now leaving it up to the democratic-controlled senate to solve the problem before the new year deadline. in addition to the "fiscal cliff," treasury secretary timothy geithner warned congress that the u.s. is close to hitting its debt limit of $16.4 trillion. geithner saved the government will take steps to allow more burrough after december 31. danielle nottingham, cbs news, washington. >>> let's look now at the markets. stocks fell sharply by 55 and change. the drop is attributed to consumer confidence
on the fiscal cliff. we're just five days until the country tumbles into automatic tax hikes and spending cuts. the president has scheduled a meeting tomorrow with congressional leaders. cbs 5 reporter danielle nottingham on efforts to break the jam in washington. >> reporter: top congressional leaders are expected to meet with president obama at the white house friday. this would be the group's first face-to-face meeting since november 16, and a last-minute chance to avoid the so-called fiscal cliff. if no deal is reached, taxes will go up for nearly every american. senators reconvened thursday with tensions spilling over onto the floor. each side accused the other of stalling. >> speaker boehner is unwilling to negotiate. we've not heard a word from mcconnell. nothing is happening. >> the phone never rang. and so now here we are, five days from the new year. and we might finally start talking. >> reporter: senate majority leader harry reid skewered house speaker john boehner, charging he's more interested in his leadership position than in bipartisan legislation. >> the speaker's no. 1 goal
. a traditionally quiet week could become hellish for traders. as fiscal cliff talks drag into the 11th hour with $600 billion in tax hikes and spending cuts due to kick in early next year, lawmakers will get back to the table later this week after house speaker john boehner's plan b failed to get enough republican support for a vote last week. >>> still, the market has been resilient. despite friday's decline, the s&p 500 posted its best week in four. and with just five trading sessions left in 2012, the dow has advanced 8% while the s&p 500 climbed 13. the nasdaq has jumped 16%. >>> reports are due this week on pending home sales. sales of new homes and a look at home prices in the nation's 20 largest cities. >>> are you still not sure what to get for the person who has everything? new retail numbers show footwear was the fifth most popular gift on shoppers' lists on black friday. a year ago, shoes didn't even make it into the top ten gifts for the season. >>> good news for hollywood. attendance by moviegoers is up more than 5.5% so far this year. ticket revenue is projected to jump by 6%
by 7 and nasdaq lower by 9. tyler, it's been fun to spend this last day before the fiscal cliff with you. >> yeah. don't go near any cliffs this weekend, michelle
to another recession if president obama and congress fail to find a way to avoid the fiscal cliff of tax increases and spending cuts that will take effect january 1. the president is returning to washington this morning, cutting short his holiday vacation. however, with only five days before the fiscal cliff deadline, no new negotiations have been scheduled. and adding to the pressure, treasury secretary tim geithner says the country is on track to hit its borrowing limit on monday. >>> and former president george h.w. bush has been moved to the intensive care unit at a hospital in houston. he's in guarded condition because of a stubborn fever. mr. bush who is 88, has been hospitalized for more than a month now, trying to recover from bronchitis. >>> you think you pay a lot to park. not compared to folks in chicago. it's going to soon cost $6.50 per hour. that's like 10 cents a minute at a meter downtown. after the rate goes up 75 cents in the new year. >> in quarters? >> yes, quarters, you can also use a credit card. >> who carries $6.50 in quarters? >> you can use a credit card, you gu
four days to reach an agreement or you as a common goal of the so- called fiscal cliff we are here in washington working all the members of the house of rand representatives are all watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here until the president i would be happy to look at whatever he proposes but the truth is we are coming up against a hard deadline and as i said this to the conversation we should add months ago. >> democrats want to extend the bush era tax cuts to everyone except those americans making $250,000 or more year. >> many republicans are made against any tax increases. >> russian president of vladimir putin aside a bill banning americans from adopting russian children. >> the law also blocked dozens of russian children or currently in the adoption process by american families from leaving the country. >> putin says the bill is retaliation for an american law that calls for action against russian officials were found guilty of violating human rights. >> more than 60,000 russian children have been ad
from going over that fiscal cliff next week, which would send taxes soaring while slashing spending. >>> meanwhile, hollywood has something to celebrate as we close out 2012. it's been a very big year in the movies, with the number of tickets sold in the u.s. up for the first time in three years. the domestic box office take is set to hit a record $10.8 billion, with ticket sales up 5.6%. quite an accomplishment in the age of impressive home theaters. >>> meanwhile, when we come back, travelers weren't the only ones fed up with holiday deals. what an angry pilot had to say to his passengers about the matter. >>> also, proof that you do not have to be a kid to get excited over your christmas present. you really have to stay tuned for this. the family behind this viral video is sharing their joy. how do you do that? well, inside the brewer, there's this train that's powerful enough to carry more coffee and fresh water to make coffee that's stronger and bigger... and even hotter! actually, i just press this button. brew the coffee you love -- stronger, bigger, or hotter -- with the keu
as retailers had hoped. melissa: there are people out there blaming the fiscal cliff. that seems ridiculous. how could that prevent you from spending money on holiday shopping? >> i think that is correct that people, that is something in the future. consumer spending has been slower since the middle of the year. that was evident in the third quarter of the gdp growth. wages have not grown rapidly enough. the housing market -- it has recovered from a very low level and prices are still down quite a bit. the volume is not that big. melissa: online shopping is up 16% this year versus last year. is that just eating into regular brick-and-mortar sales? >> that is real growth in that segment. it is eating into brick-and-mortar sales. in addition to best buy, we had circuit city. they are gone now. i think we will see more of that. shopping malls are being converted into other purposes. there are lots of things that i can buy online. melissa: absolutely. i bought every single thing online this year. i am so proud of myself. it is so much easier. i wonder, we sell the total number back, do you thin
part in "fiscal cliff" negotiations. >>> holiday sales grew at a weak pace this year. the weakest in four years. mastercard advisors spending pulse reports that sales in the two months before christmas increased .7% over last year. a lot of analysts expected sales to be up 3 or 4%. but wait, there is more. when i worked in retail when i was in college, christmas was busy enough. but the day after christmas? it was unbelievable! cbs 5 reporter cate caugiran is in san leandro where after- christmas shopping has already started. >> reporter: yes, brian. it started at 5:00 this morning at the bay fair center in san leandro. according to a consumer reports poll about 1 in 7 adults will return a christmas gift so that's part of it. for the other part i'm joined live now with keith mchugh with the shopping center here braving the rain with us, as well. thank you so much for joining us. >> my pleasure. >> reporter: what brings shoppers out here the day after christmas? it's the holiday, you think they would be sitting at home enjoying the holiday. >> i think the after christmas shopper is
. that whole fiscal cliff thing, where congress and the white house can't reach a deal on taxes and spending before the end of the year and they maybe get us into a recession, it's definitely happening. that was the whole point of president obama's press conference this afternoon. >> i still want to get this done. it's the right thing to do for our families, for our businesses, and for our entire economy. but the hour for immediate action is here. it is now. >> allow me a quick update here. that press conference, it came after president obama met with john boehner and nancy pelosi and harry reid and mitch mcconnell, so all the key congressional leaders. and listen to the president here. >> the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable. why everything always has to wait until the last minute. well, we're now at the last minute. and the american people are not going to have any patience for a politically s
the fiscal cliff with just nine days to go before the deadline. negotiations over averting the automatic massive spending cuts and tax hikes seems to have fallen apart and it's not like the nation's capitol is burning the midnight oil. both president obama and lawmakers have packed up for the christmas holidays. any way out of deadlock or is about country about to plunge over the fiscal cliff. joining us is susan goodrich. leaders on both sides are being criticized for dysfunction. president obama for being uninvolved and detached in the negotiations and speaker boehner for losing control of his own party. is that a recipe for failure? >> no one can question right now that people aren't doing anything. the president has left, he is hawaii. the house is out of session. the senate is adjourned. they are going to coming back on the 27th. that gives them five days. they have been talking about this fiscal cliff for months. last five days and they have to involves more than a trillion dollars and billions of dollars in tax hikes. how can they get it done? they won't. president on friday gave
pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer may only have a smaller deal. a member of the budget committee and outspoken voice on the left side of the aisle. thanks for joining me. good morning. >> mire pleasure. >> we were saying a lack of urgency in washington to deal with the fiscal cliff and being a member of congress especially a respected member of th
issues is critical. the edge of the so-called fiscal cliff is really in view now. the home county of house speaker john boehner butler county, ohio, currently under a blizzard warning. house republican leaders holding a conference call earlier today on the fiscal cliff, but so far they have not yet called on lawmakers to return to capitol hill. but they have said they will give a 48 hour warning if they plan to do that the white house saying the president is cutting his holiday vacation in hawaii short to return to d.c. to work on a deal to try to stop those automatic tax hikes and deep spending cuts from kicking in on january 1st. and if they don't reach a deal before then, many economists say we will dip back into a recession. i had henly house republican leaders didn't have a lot of new information for their lawmakers. they would have 48 hour notice if they are needed to pray back to washington from various districts around the country. that tells us they are being noncommittal at this point because they frankly do not know whether or not there will be a deal to avert the fisca
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